Daily Pivots: (S1) 0.6979; (P) 0.7032; (R1) 0.7097; More…
Intraday bias in AUD/USD stays mildly on the upside at this point. Corrective fall from 0.7187 should have completed at 0.6832. Further rise should be seen to retest 0.7187. Strong resistance could be seen there to bring another fall the extend the corrective pattern. On the downside, below 0.6962 resistance turned support will turn intraday bias neutral again first.
In the bigger picture, as long as 0.6706 cluster support holds, rise from 0.5913 (2024 low) should still be in progress. Decisive break of 61.8% retracement of 0.8006 to 0.5913 at 0.7206 will solidify the case that it’s already reversing the down trend from 0.8006 (2021 high). However, firm break of 0.6706 will dampen this bullish case, and bring deeper fall back to 0.6420 support, and possibly below.
